Fiscal responsibility

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As a father and business owner who recognizes the threat our exploding national debt poses to future generations, I know we must get our fiscal house in order before it is too late.

We now spend nearly $500 billion a year servicing our $25 trillion debt. Addressing this crisis won’t be easy – especially now—but I believe through fair tax policies, sound budgeting and a quick return to economic growth we can at least get on the right path.

– Dean Phillips

Dean’s plan

Having built and managed both large and small businesses, Dean understands firsthand the challenge of balancing the books and the danger of spending more than you generate. Dean will advocate for commonsense approaches to reducing our debt and deficits, including reforming the budgeting process, using technology to make government more efficient, creating a more fair tax system, and prioritizing spending based on return on investment to taxpayers. Here’s his plan:

Take action to reduce our national debt

The 2017 Tax Cuts and Jobs Act burdened future generations with an additional $1.9 trillion in debt at a time when we should have been reducing the deficit. Emergency spending to address the COVID-19 pandemic has only worsened our fiscal position. Going forward, Dean is committed to doing what he can to make fiscal responsibility an American concern. Congress could also take quick action to save taxpayer dollars through an orderly military withdrawal from Iraq and Afghanistan ($440 billion in savings over 10 years), negotiating prescription drug prices through Medicare ($230 billion in savings over 10 years), and passing comprehensive immigration reform ($170 billion in savings over 10 years).

Make government more efficient

Dean has been an active participant in the effort to modernize Congress, which is a 19th Century institution operating in a 21st Century world. Businesses and individuals have already adopted new ways of doing things to save time and money, and Congress should too. And while the government does not operate like a business, Dean believes more emphasis should be placed on efficient spending through ROI analyses and regular audits of government spending to ensure they are delivering results and value.

Ensure tax policy disproportionately benefits middle-income Americans

Elements of the 2017 tax bill were positive, including the reduction in the corporate tax rate to make U.S. businesses more competitive and to repatriate overseas profits back to the U.S. Still, 83% of the benefits went to the top 1% of earners, meaning the bill exploded the deficit without providing most Americans relief in the long-term. Dean believes the wealthiest Americans must pay their fair share in taxes, and he’ll work to end the special giveaways and sweetheart deals for special interests in the tax code.

Reconvene a National Commission on Fiscal Responsibility

While President Obama made an effort to restore fiscal responsibility through the National Commission on Fiscal Responsibility and Reform, the report produced by the Commission did not reach the required threshold to be sent to Congress, and most of its ideas fell by the wayside. Now, with our country even deeper in debt, Dean supports reconvening a commission to explore opportunities for bipartisan reforms to reduce spending and use tax dollars more efficiently without harming the most vulnerable.

Let’s create change—together.

Join the DeanTeam—a diverse, committed team of neighbors who are creating change in communities across Minnesota’s Third District.

Whether you’d like to volunteer at an upcoming campaign event or lend a hand from home, there are always opportunities to make a meaningful difference.

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